"For those who haven't kept up with bcache, the bcache codebase has been evolving/metastasizing into a full blown, general purpose posix filesystem... I and the other people working on bcache realized that what we were working on was, almost by accident, a good chunk of the functionality of a full blown filesystem - and there was a really clean and elegant design to be had there if we took it and ran with it."
We spent a lot of time prototyping basically every SSD caching tech that existed at the time and bcache was the clear winner (note that dm-cache, the tech underpinning lvm-cache was pretty immature at the time).
You do need a workload with a fairly reasonable cache hitrate to get the best out of it, but that's obviously true of all such technologies.
For bugs look at: https://github.com/koverstreet/linux-bcache/issues http://dir.gmane.org/gmane.linux.kernel.bcache.devel
https://www.redhat.com/archives/dm-devel/2013-June/msg00026....
https://www.varnish-software.com/blog/accelerating-your-hdd-...
The bcachefs part at the top of that page is the new stuff this announcement is describing.
L2ARC improves read operations, ZIL improves writes.